Summary

  • PNC Bank said it is expanding its partnership with Coinbase to pilot a USDC stablecoin payments service for corporate and institutional clients.
  • The service will automatically convert payments companies receive in USDC into U.S. dollars at a rate of $1 per USDC and deposit the funds into PNC accounts.
  • The expanded partnership shows a broader move in the U.S. financial industry to use stablecoins for business-to-business payments and treasury management, though the service is still in the pilot stage.

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PNC Bank is expanding its partnership with cryptocurrency exchange Coinbase to pilot a stablecoin payments service for corporate clients.

The Block reported on November 9 that PNC and Coinbase will test a service allowing corporate and institutional clients to receive payments in USDC, the dollar-pegged stablecoin. The offering will initially be limited to clients that meet certain eligibility requirements.

Under the service, payments received in USDC will be automatically converted into U.S. dollars and deposited into designated PNC bank accounts. The conversion rate will be fixed at $1 per USDC, allowing clients to receive funds through existing bank accounts without having to manage crypto separately.

The service will use Coinbase's payments application programming interface, or API, together with PNC's corporate banking and treasury management systems. PNC expects stablecoin payments to expand the options available through the faster-payment services it already offers corporate clients.

The companies first entered into a partnership in July 2025. At the time, PNC agreed to use Coinbase's crypto platform-as-a-service offering and to provide certain banking services to Coinbase. In December 2025, they introduced a service allowing eligible private banking clients to buy and sell Bitcoin directly from existing investment accounts.

Coinbase is also broadening stablecoin payment partnerships with other financial institutions. In September 2026, it expanded its partnership with Citibank to build a service linking traditional fiat payment systems with stablecoins. That service supports corporate clients receiving payments in stablecoins and converting them into fiat currency.

Coinbase is also working with payments technology firm Moov to provide stablecoin payment infrastructure to U.S. regional banks and credit unions. The service uses Coinbase's payments API and custodial wallets and targets systems used by more than 1,000 local financial institutions.

The expanded partnership with PNC highlights a broader push in the U.S. financial industry to use stablecoins for business-to-business payments and treasury management. The service remains in the pilot stage, and no timetable has been disclosed for a broader rollout.

Suehyeon Lee